According to a Binance blog post published on December 2, a strategic investment of up to $4.5 million has been made in Ambit Finance by Binance Labs.
Ambit Finance is a decentralized application (DApp) that uses novel structured financial products to enhance the utility of BUSD and other crypto assets.
As part of the deal, Binance Labs and Ambit will work together to develop future DeFi apps with an emphasis on innovation, security, and risk management, as well as partner with initiatives both inside and beyond the BNB Chain ecosystem, leading to an enhancement of the utility of BUSD and other assets across the BNB Chain.
We will work closely with BNB Chain to make Ambit a cornerstone of the ecosystem’s on-chain strategy and, paired with Binance’s trusted brand and market strength, to make it a magnet for financial institutions entering the crypto space.Co-Founder and CEO of Ambit Finance, Sphere CM said.
With the development of a yield-bearing BUSD-based stablecoin that is intended to deliver sustainable income under all market conditions, Ambit will open up new use cases for BNB Chain users. Additionally, Ambit’s North Star will strive to provide the most unified user experience in all of Web3 and become a hub of DeFi activity.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu